UAE Golden Visa rule changes will have a major impact on Dubai real estate investments, according to property experts in the country.
It comes as the UAE real estate sector is in the spotlight again, with off-plan property sales in Dubai, massive rent increases and the rise of Ras Al Khaimah making headlines this week.
Elsewhere in the country, petrol prices went up and the KHDA identified Dubai’s “Very Good” schools revealed following inspections.
Also in education, Saudi Arabia launched a new education visa scheme for overseas students wanting to attend universities in the Kingdom.
Meanwhile, Eagle Hills Chairman Mohamed Alabbar shared details on a $4bn investment opportunity in Bahrain and Katerina Giannouka resigned from her position as CEO of Jumeirah Group.
Catch up with 10 of the biggest stories this week, as selected by Arabian Business editors.
UAE Golden Visa: $272,000 rule change Dubai real estate boost, how to apply, costs explained, property expert analysis
Earlier this year it was announced that, in a bid to foster greater investor participation in the real estate sector and deepen ties with residents, the UAE government is scrapping the AED1m ($272,000) minimum down payment requirement for Golden Visa eligibility through real estate investment. It was widely reported in local media that, as of January 24 of this year, the UAE abolished the minimum down payment requirement of AED1m ($272,000) or 50 per cent of the property’s value for the property Golden Visa.
This means that, regardless of the down payment amount and the property’s status (off-plan, completed, mortgaged, or not mortgaged), investors can now qualify for a Golden Visa by owning a property worth AED2m ($545,000) or more. The move has been welcomed by real estate experts in the city, who labelled the news “a game-changer”, which would “open doors for a diverse range” of investors in the UAE property market.
UAE petrol prices rise in March 2024, diesel rates increase
The UAE has announced that fuel prices for March will go up.
While the costs of petrol and diesel have varied over the last 12 months, they are currently not as high as they were during the same time last year.
From March 1 the cost of filling up vehicles in the UAE will be:
- Special 95 – AED2.92 a litre from AED2.76 in February
- Super 98 – AED3.03 a litre from AED2.88 in February
- E-Plus – AED2.85 a litre from AED2.69 in February
- Diesel – AED3.16 a litre from AED2.99 in February
KHDA school ratings: Every ‘Very Good’ school in Dubai
Every year, the Knowledge and Human Development Authority (KHDA) in Dubai evaluate private schools in the emirate, based on a round of school inspections.
Here are the 39 schools rated ‘Very Good’ as per the KHDA website.
Dubai real estate: As off-plan property sales are booming, which are the best areas to invest in?
Quoting a recent report, it said residential off-plan sales accounted for 58.3 per cent of the total sales volume, while transferred title deeds comprised 41.7 per cent. It also noted that sales price for Palm Jumeirah villas experienced a 2.85 per cent increase, while JVC apartment prices rose by 4 per cent.
Various areas across the city have attracted the attention of both investors and end-users, primarily due to Dubai’s quality of life, stringent safety standards, and employment opportunities.
Mohamed Alabbar says $4bn Eagle Hills real estate project represents ‘milestone’ for UAE and Bahrain
UAE-based Eagle Hills has unveiled a $4bn real estate investment project in Bahrain.
Mohamed Alabbar, Chairman of Eagle Hills International, has disclosed additional details about the Binaa Al Bahrain Company, unveiling a $4bn investment. This comes as a result of a Joint Venture agreement signed by Eagle Hills International, an Abu Dhabi-based private real estate investment and development company, with strategic Bahraini partners.
Binaa Al Bahrain, the newly formed real estate development organisation, is now set to become a paramount developer in the Kingdom, boasting an expanded portfolio of prominent real estate projects strategically situated across various areas within Bahrain.
Jumeirah Group CEO Katerina Giannouka steps down after just over a year: Report
The document, attributed to Dubai Holding group CEO Amit Kaushal, said that Giannouka is leaving to address personal matters and pursue new opportunities outside of the company.
“I wanted to share an important update at Jumeirah Group. Today, Katerina Giannouka sadly steps down as Chief Executive Officer, taking time to address some family matters before embarking on new opportunities outside of the group,” the letter signed by Kaushal reportedly read.
Dubai’s Emaar announces $25bn lifestyle destinations
These developments, valued at AED55 billion and AED41 billion respectively, aim to redefine high-end living in the UAE while continuing Emaar’s tradition of delivering world-class developments.
The Heights Country Club, which will span across 81 million square feet, sets a new standard in premium high-end living, whereas the Grand Club Resort, will span 60 million square feet.
Ras Al Khaimah lures ultra-wealthy as buyers seek investment beyond Dubai
The developers highlighted the rising demand for luxury property as sales for Oceano, the company’s premier residential development almost sold out.
Starting at AED2.6 million for a one-bedroom apartment up to AED21 million for a penthouse, the development is 70 percent sold out as the demand for luxury property continues to soar. According to Knight Frank Prime Global Cities Index, the increasing interest in UAE’s real estate markets drove price increases of up to 48.8 percent in Dubai in the first half of 2023.
Dubai real estate: MASSIVE rent increases of over 66%, most affordable villas and best ROI neighbourhoods revealed
The report has revealed strong demand backed by high rental yields as well as identifying key trends in the city real estate market. Primary data gathered by the leading property platform in the UAE from site visits and user behaviour throughout 2023 showcase positive trends across the board, driven by the UAE’s strong economic outlook and attractiveness as a place to live and work.
In 2023, Dubai’s real estate sector marked another prosperous year, with business-friendly policies attracting more tenants to the market.
Saudi Arabia woos foreigners with new visa scheme
The Kingdom’s Ministry of Education and the Ministry of Foreign Affairs have introduced the educational visa program to attract academics and students from overseas and further boost higher education in the country.
The new visa service was announced alongside the Human Capacity Initiative conference being held in Riyadh this week. The new visa service was announced alongside the Human Capacity Initiative conference being held in Riyadh this week.
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